Quick review of the 3 stocks I was monitoring today. Taking tighter stops with a more focus of trades off Support and Resistance as this choppy market not offering as many breakouts.
- fast - no trade here but there was opportunity off the yellow support line
- erj - daily bar watch list - gapped up and slammed off resistance with the 2nd red bar - took a short for a winner. Could of played the long off the low of day support on candle 4
- cbay - no setup - was looking for a play off the yellow resistance line
Stock Trading Plan: http://www.howidaytrade.com/stock-day-trading-plan.html
E-Mini Trading Plan: http://www.howidaytrade.com/e-mini-trading-plan.html
* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money. Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.